CoinDesk reported that BTC reached $102,180 at the close on January 6th, following a $978.6 million inflow of positive ETF funds. However, the price plummeted on January 7th as traders expected BTC to retest the $100,000 level.
Although BTC has seen a short-term correction, significant investor activity has been observed on major exchanges, indicating a bullish sentiment in the market.
Burak Kesmeci, a certified analyst at CryptoQuant, noted that the 14-day simple moving average (SMA14) of Binance's net flow has turned negative. As shown in the chart, BTC typically exhibits a bullish trend on the chart whenever SMA14 turns negative.
Additionally, the BTC outflow from Binance reached 5,407 BTC, the highest in the past month. In this regard, the analyst stated: "These two indicators confirm that the behavior of investors on Binance is inclined towards accumulation. This trend strongly supports the possibility of BTC price increasing in the short term."
